“Technically, Castor seed is expected to take support near Rs. 3230 and afterwards fresh buying may initiate from that level onwards”.

21 Sep 2012

AHMEDABAD (Commodity Online): Castor Seed on India's NCDEX for September delivery was seen trading at Rs.3514 per 100 kg on Friday at 4.26 pm, a fall of 3.99%.

Hardik Shah, agri analyst at Commodity Online is of the opinion that castor seed is just encountering a temporary correction phase.

“However, fundamentals are still looking bullish as overall sowing of castor seed stands at 1.04 million hectares vs 1.19 million hectare on yearly basis.” he said.

“Technically, Castor seed is expected to take support near Rs. 3230 and afterwards fresh buying may initiate from that level onwards”, he added.

Improved rains in the major castor seed producing regions in Gujarat in the last 10-15 days have led to negative sentiments in the castor seed market that may have caused a fall, say market analysts.

Most of the areas have reported steady progress in sowing of castor seed. The yield is also expected to be better. India is the largest producer of castor seed in the world and the exporter of castor oil.